151–160 of 242 posts
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Is it a big deal that a BTC can never be lost and later found? On a long enough timeline, won't lost credentials result in BTC that are functionally permanently out of circulation?
Interesting question. Since there's a limited supply theoretically on a long enough timeline every BTC will be lost.
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Bitcoin purists will say that, eventually, there is no "cash out" phase. 1 BTC = 1 BTC and who cares about what the dollar equivalent happens to be. Once everything is in BTC you will never exchange it for dollars. Do you spend dollars today wondering if tomorrow the Euro will be worth more or less? No, so why would you care what the dollar equivalent to a BTC is when everything you buy is priced in BTC? This is long…
Can you elaborate on how that is going to happen? Not trying to flame, I can see a world where people use BTC for everything, but I am confused at how that will happen with current valuation. BTC is worth thousands of dollars, so if everyone starts using BTC will people pay irrational fractions of BTC for bread and milk at the supermarket? will there be some adjustment? How will other entities handle conversion and e…
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lots of people have used it to buy drugs
While downvoting this is warranted, this is certainly true. To catch up on the biggest news that has come out of Bitcoin, I'd suggest reading on 'Silk Road' and Ross Ulbricht. Wired has a very good 2-set long form on this[1]. If you don't want such a verbose story, Ars Techica follwed it well too[2] [1]: https://www.wired.com/2015/04/silk-road-1/ https://www.wired.com/2015/05/silk-road-2 [2]: https://arstechnica.com/…
Why exactly is downvoting my statement warranted? It's factual.
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Bitcoin purists will say that, eventually, there is no "cash out" phase. 1 BTC = 1 BTC and who cares about what the dollar equivalent happens to be. Once everything is in BTC you will never exchange it for dollars. Do you spend dollars today wondering if tomorrow the Euro will be worth more or less? No, so why would you care what the dollar equivalent to a BTC is when everything you buy is priced in BTC? This is long…
I'm sure there are some "bitcoin purists" who think someday bitcoin will be used to buy everything, but that's certainly a minority viewpoint. There's a more pragmatic way to think about it. Bitcoin can coexist just fine with national currencies, and with other cryptocurrencies, and with precious metals. Bitcoin doesn't need to "win" by replacing any of these. Bitcoin is valuable because it's a secure way to store an…
I see it more like a decentralized PayPal alternative, and I keep seeing it pop up in more places that I buy stuff online and I've made personal transactions with it to other people, so it's providing value to me and seems to be on a reasonably successful path.
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Bitcoin purists will say that, eventually, there is no "cash out" phase. 1 BTC = 1 BTC and who cares about what the dollar equivalent happens to be. Once everything is in BTC you will never exchange it for dollars. Do you spend dollars today wondering if tomorrow the Euro will be worth more or less? No, so why would you care what the dollar equivalent to a BTC is when everything you buy is priced in BTC? This is long…
Can you elaborate on how that is going to happen? Not trying to flame, I can see a world where people use BTC for everything, but I am confused at how that will happen with current valuation. BTC is worth thousands of dollars, so if everyone starts using BTC will people pay irrational fractions of BTC for bread and milk at the supermarket? will there be some adjustment? How will other entities handle conversion and e…
"1 bitcoin" is a truly arbitrary amount, just like "1 pound of gold" is arbitrary. They're both divisible.
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Bitcoin purists will say that, eventually, there is no "cash out" phase. 1 BTC = 1 BTC and who cares about what the dollar equivalent happens to be. Once everything is in BTC you will never exchange it for dollars. Do you spend dollars today wondering if tomorrow the Euro will be worth more or less? No, so why would you care what the dollar equivalent to a BTC is when everything you buy is priced in BTC? This is long…
Can you elaborate on how that is going to happen? Not trying to flame, I can see a world where people use BTC for everything, but I am confused at how that will happen with current valuation. BTC is worth thousands of dollars, so if everyone starts using BTC will people pay irrational fractions of BTC for bread and milk at the supermarket? will there be some adjustment? How will other entities handle conversion and e…
This is moot until/unless BTC undergoes significant changes. It's not suited for this kind of transaction at all, IMO.
But let's say confirmation times were orders of magnitude faster and we wanted to cross the threshold to supermarket transactions. I think we'd still denominate the purchases in the local fiat currency anyways. The only way this would change is if producers and distributors had their costs anchored in BTC. But this seems very unlikely to occur in the next decade.
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According to LinkedIn, they have 7 people who work in support. At a company of ~200 people, that's not an unreasonable number to have. It feels mean to say they have none.
You know what I find mean? Getting locked out of my GDAX account for no apparent reason for months on end while ETH rises and I have no way of doing anything because I can't access my USD or ETH. Not one single word from support until one day I get a random message that directs me to an article that I've already read 10 times and is of no help.
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>crypto currencies are by far the best digital payment solution when it comes to the time it takes for transactions to clear Isn't paypal much faster than crypto currencies at doing the same? The normal banking system is quite slow (in part for good reasons) but the digital currencies that came before the crypto currencies are much better at this already, and better than bitcoin will ever be.
You missed the salient word: "clear" PayPal transactions never really clear. You can probably reverse a 3 year old PayPal transaction... But Bitcoin payments are irreversible after only 1 hour. There are no other systems that accomplish that online.
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Bitpay was cashing to fiat from unconfirmed bitcoin tx's? SMH If its a bitpay to bitpay tx its all internal and likely didnt actually touch the bitcoin blockchain.
This was merchant payments. Essentially bitpay guaranteed the USD you would get at the point the transaction occurred. They didn't send the USD, that happened a day later. So buyer pays in btc, bitpay handle the transaction, probably sell the same amount on an exchange at that point, tx confirms and they pay out the USD. The BTC then goes into the bitpay reserve for the next merchant.